Freight News, Logistics, Business, Forwarding

Growth across the board for DSV

[ April 27, 2022   //   ]

DSV reported strong results in the first quarter of 2022 with gross profit growing 61% to DKK 12,877 million while EBIT earnings before special items more than doubled compared to the same period last year.

The Air & Sea division reported an EBIT growth of 109%, while the Road division steered through disruptive market conditions with 24% EBIT growth compared to the same period last year.

But it added that challenging and volatile market conditions continue in 2022, especially the conflict in Ukraine and new Covid lockdowns in China.

DSV shipments to and from Russia and Belarus have stopped, except certain humanitarian shipments, and the company is in the process of divesting and exiting our activities in Russia.

A small part of the Ukraine operation is now running again to support humanitarian shipments and other activities.

However, combined revenue in Ukraine, Russia and Belarus is less than 1% of the Group’s revenue.

The closure of Russian airspace has reduced available air freight capacity between Asia and Europe due to longer flight time and sanctions against Russian airlines. In Europe, the decision by many Ukrainian truck drivers to return to their home country has contributed to further capacity tightness for road freight.

The acquisition of Agility’s Global Integrated Logistics business (GIL) was completed in August 2021. The integration of GIL is progressing according to plan, and final completion is expected in the third quarter of 2022.